MIRA INFORM REPORT
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Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
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Name : |
NEGANOR FFT |
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Registered Office : |
Sidi Daoued, Saheb Djebal,
Nabeul 8026 |
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Country : |
Tunisia |
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Date of Incorporation : |
02.05.2008 |
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Com. Reg. No.: |
B07433132008 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
sale
of agricultural raw materials, live animals, textile raw materials and semi‑finished
goods |
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No. of Employees
: |
08 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Tunisia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
NEGANOR FFT
Registration Number: B07433132008
Registration Date: 05/06/2008
Legal Form: PRIVATE
LIMITED CO
Latest Financials: N/A
Nominal Capital: 18,000
Tunisian Dinar
Issued Capital: N/A
Turnover: N/A
Net Profit: N/A
Net Worth:
Current Legal Form: PRIVATE
LIMITED CO
Additional Information: Customs
ID:1056057 E
Registration Address: Sidi
Daoued,Saheb Djebal,
Nabeul 8026
Registration Number: B07433132008
Registration Date: 05/06/2008
Year/Date Company Established: 02/05/2008
Registration Town: Haouaria
Tax Registration Number: 1055057/E/A/M/0
Currency: Tunisian
Dinar
Authorized Capital: 18,000
Paid Up Capital: 18,000
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Kamel Deddech, 50.00%
(VOTING)
Tunisia
Chadia Mokhtar, 50.00%
(VOTING)
Tunisia
Name: Mr Kamel
Daddech
Position within the company: General manager
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
Name: Mr Bassem
Daddech
Position within the company: Commercial Director
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
NACE Codes: 4611 Agents
involved in the sale of agricultural raw materials, live animals, textile raw
materials
and semi‑finished goods
The subject is involved in the sale
trade of agricultural chemicals, plastic products for agriculture, irrigation
equipment and drip.
These goods are imported and local
purchased then sold to the local clients.
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Employees Company
Employs: 8
HQ Premises Operates
from: Owned Office
Location: Rural
Area
Imports
Import % and type of product: 80% Finished Goods
Imports From: France,
India, Jordan, Belgium, China
Importing Terms: Bank
transfer
Additional Information: The
other payment methods are letter
of
credit and cash against document.
Subject's Suppliers: Company Name: AGRICULTURAL POLYETHYLENE FILM
MANUFACTURING
Address: P.O.BOX
5010,,
AMMAN,
JORDAN 11183,
Jordan
Company Name: THIMAR
Address: P.O.BOX
142595,
AMMAN 11844,
Jordan
Company Name: SHANDONG
HUASHENG PESTICIDE
MACHINERY
CO
Address: 1 ZHONGTIAN ROAD, HIGN AND NEW‑TECH
INDUSTRIAL
DEVELOMENT ZONE,
LINYI,
China
Company Name: HIND
EXPORTS
Address: 11/12
NARAYAN NIWAS, OFFICE NO – 10 , 3RD
FLOOR,
OPP EDWARD CINEMA, JUMBOOL
WADI,
KALBADEVI RD,
MUMBAI 400002.,
India
Company Name: LSA SARL.
Address: LOCMELAR,
PLOUNEVENTER 29400,
France
Company Name: SAUDI
DRIP IRRIGATION SYSTEM CO.LTD
Address: P.O.BOX
16967,
RIYADH 11474,
Saudi Arabia
Company Name: ROSIER
N.V
Address: ROUTE
DE GRANDMETZ,,
MOUSTIER 11a B‑7911,
Belgium
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: Retailers
Number of accounts:
300
Company is reported to have a market
share of: 70%
Subsidiaries
Affiliates
COMPTOIR
DE
DEVELOPPEMENT
ECONOMIQUE
DU CAP
BON CODECAB
2
Bis,Rue 2 Mars,El Haouaria,
Nabeul,
Tunisia
Operates
as: sale of irrigation equipments and chemical products.
Related
through: common shareholders
CODECAB
PLUS
Aben,Saheb
El Jabal,
Nabeul,
Tunisia
Operates
as: refrigerating wherehouses.
Related
through: common shareholders
NEGANOR
FS
Sidi
Daoued,Saheb Djerbal,
Nabeul,
Tunisia
Start
Date: 2010
Operates
as: sale of agricultural equipments and products.
Related
through: common shareholders
NEGANOR
PFS
Sidi
Daoued,Saheb Djebal,
Nabeul,
Tunisia
Operates
as: Sale of Agricultural equipements and products.
Related
through: common shareholders
BANQUE NATIONALE AGRICOLE,
Branch: Haouria
Nabeul,
Tunisia
Account Number: 3204091011500491175
Relationship with Bank: is reported to
be satisfactory
Additional Information: Date Account
Opened:01/01/2011
Subject's payments reported to
be: NO COMPLAINTS
Auditors: Sami Chabrak
Solicitors: Mr.Mohamed
Lamine Zgouli.
Date: 13/03/2012
Name/Title: Bassem
Deddech Commercial Director
Comment: Subject has
confirmed the general details provided in the report but
has
declined to provide any Financial Data.
Reporter Comment Date: 13/03/2012
Reporter Comment: All legal forms in Tunisia are
obliged by law to be registered with the Registry
office
(a dept. of the Court) which is not publicly available.
Some of the companies can also be found listed in the
Tunisian Official Gazette
which
is publicly available.
Subject was found registered and information obtained
is
as follows:
Registered
name/ registration date/ registered address/ legal form/ VAT number/
activities/
capital
(According to the Tunisian Commercial Law, only the listed companies in the Tunisian Stock Exchange are obliged to publish their financial accounts. Financial information on other legal forms can only be obtained from the Companies directly. Any other data stated in the report was obtained directly from the Subject Company and/ or other publicly available information. Therefore it should be used as a point of reference as it is not possible to verify such data with official sources.
In the interview conducted with Mr.Bassem Deddech,he confirmed details shown in this report and declined to provide financial details stating the grounds of the company’s confidentiality.
As per Tunisian Commercial law companies, except the quoted public limited ones, are not required to file their financials and are under no obligation to provide such details to third parties, representatives and or correspondents representing international and or local clientele.
**Names of some products traded by the subject in Tunisia:
‑ Insecticides: BESTOX / BESTAR
‑ Chemical fertilizers: MPK / 0050/ 13046/ SUPER
TRIPHER.
‑ Magnesium sulfate :MPK 321010 / GAINE
GESTABLE/GIAR/ ATOMISEUR.
Local Reputation: The
company being investigated is considered by local reporters to be
a
Fair / Normal Trade Risk.
General Conclusion: Local
informants consider granting of credit to be a fair trade risk.
Owner/Shareholders Comments: Some of the owners /
shareholders have an active participation in the
running
of the business.
Age of Business: The
company has been established for under 5 years.
Country: Tunisia
Date: 21/02/2012 00:00:00
Source: Economist Intelligence Unit
Economy: The current‑account deficit
reaches 6.5% of GDP
January 17th 2012
Export earnings grew by 6.7% in 2011 despite the domestic economic disruption caused by the political turmoil and the economic crisis in the euro zone. Food exports rose by 38% to TD2.6bn (US$1.9bn), textile exports by 5.6% to TD6.4bn and mechanical and electrical goods exports by 15% to TD9.3bn; exports of phosphates and fertilisers fell by 48% to TD1.3bn, reflecting the disruption caused to the sector by strikes and sit‑ins. Import costs rose by 5.9% as agricultural imports rose by 27% to TD4bn and energy imports by 26% to TD4.8bn; imports of mechanical and electrical goods fell by 2.7% to TD14.2bn as capital investment by business fell. The net result was a modest widening of the trade deficit to TD8.6bn.
The impact of the merchandise trade deficit on the current account is usually offset by income from tourism and remittances from Tunisians working abroad. However, tourism receipts in 2011 slumped by around one‑third to some TD2.3bn and remittances by 4% to TD2.2bn. According to official figures, the current‑account deficit reached 6.5% of GDP in the first 11 months of 2011, and this together with a deteriorating capital account (foreign direct investment fell by 36% year on year in the first 11 months of the year, to TD1.4bn) has required the government to draw down heavily on its foreign reserves.
Risk: February 13th 2012
Sovereign risk
Negative. Tunisia's public debt stock has risen steadily since 2009 and is forecast to continue to rise in 2012‑13. Large budget and current‑account deficits will make it more challenging to meet external debt obligations. However, Tunisia will receive substantial foreign aid in 2012‑13. The G8 group of major economies has promised to almost double aid to North Africa to US$38bn.
Currency risk
Negative. We believe that the likelihood of a break‑up of the euro area has increased (to 40%). Such a break‑up would put considerable pressure on the dinar, which is pegged to a basket of currencies, of which the euro accounts for two‑thirds.
Banking sector risk
Stable. Economic growth in Tunisia is forecast to be moderate in 2012‑13 owing to a contraction in the EU in 2012. This will lead to an increase in non‑performing loans. The new government also needs to tackle the stakes in banks held by relatives of the former president.
Political risk
The new government should bring some stability to the economy, but the risk of an escalation of protests is high if the economic conditions do not improve.
Economic structure risk
Tunisia's dependence on the EU for trade, remittances and tourism is a great concern given the possibility of a break‑up of the euro zone.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.78.15 |
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Euro |
1 |
Rs.65.09 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.